Microtest announces extension of stock buyback program.
PHOENIX--(BUSINESS WIRE)--Jan. 23, 1996--Microtest Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MTST MTST Movimento dos Trabalhadores Sem Teto (Social movement of Brazil)
MTST Magnetic Tape Selectric Typewriter
MTST Maneuvering Target Statistical Tracker
MTST Minimal Task Spanning Tree ), a leading developer, manufacturer and marketer of Local Area Network (LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. ) cable management, troubleshooting and connectivity products, Tuesday announced an extension of, and increase in, its stock buyback Stock buyback
A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share.
See buyback. program.
Through Dec. 15, 1995, the company had repurchased 164,500 shares under the program, which was scheduled to expire on Dec. 31, 1995. Recently, the board extended the program through the end of 1996 and authorized the repurchase of an additional 500,000 shares through open market purchases.
Richard G. Meise, Microtest's chief executive officer stated, "Our balance sheet is very strong, with $20 million in cash. While we continue to look at strategic acquisitions as a means to deploy some of our cash reserves Cash reserves
See: Cash investments
Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , we believe that at current prices one of our most attractive investment options is in our own stock."
Microtest's Chief Financial Officer, Richard R. Douglas, added, "With the recent negative activity in the high tech sector, we believe Microtest stock will prove to be a sound investment opportunity for our cash going forward. In this regard we are pleased with our overall operating results in 1995, despite a recent downturn in certain markets that affected our fourth quarter performance."
Founded in 1984, Microtest is a leading worldwide manufacturer of diagnostic certification and connectivity products for Local Area Networks (LANs). Microtest's mission is to make information technology easy to apply. The company has pioneered several networking products, such as PentaScanner(TM), Compas(TM) and DiscPort(TM).
Microtest is headquartered at 4747 North 22nd St., Phoenix, AZ. Microtest's European headquarters are located at 2A Kingfisher House, Northwood Park Northwood Park is a soccer stadium in the England. It is home to Southern Premier League semi-professional football club, Northwood F.C. The ground has a capacity of 3,075 available places with 930 covered terrace and 308 seated places. The ground can be found at Chestnut Avenue. , Gatwick Road, Crawley, West Sussex West Sussex, nonmetropolitan county (1991 pop. 692,800), 768 sq mi (1,990 sq km), S England. A chalk ridge runs from the county's east to west edge. In the south the land flattens into a gentle plain. After early Roman invasions, the Saxons moved across Sussex. , RH10 2XN, United Kingdom. Microtest's stock is traded on the NASDAQ National Market System under the symbol MTST.
CONTACT: Microtest Inc., Phoenix
Richard G. Meise or Richard R. Douglas, 602/952-6400
Registered Communications Group, Scottsdale, Ariz.
Max Ramras or Joe Diaz, 602/998-7555